Does self-control predict financial behavior and financial well-being?
By Camilla Strömbäck, Thérèse Lind, Kenny Skagerlund, Daniel Västfjäll, G. Tinghög. 2017
460 citations recorded by the source corpus.
To improve our understanding of how people make financial decisions, it is important to investigate what psychological characteristics influence individuals’ positive financial behavior and financial well-being. In this study, we explore the effect of individual differences in self-control and other non-cognitive factors on financial behavior and financial well-being. A survey containing measures of financial behavior, subjective financial well-being, self-control, optimism, deliberative thinking and demographic variables was sent to a representative sample (n=2063) of the Swedish population. Our findings extend the application of the behavioral lifecycle hypothesis beyond savings behavior, to include general financial behavior. People with good self-control are more likely to save money from every pay-check, have better general financial behavior, feel less anxious about financial matters, and feel more secure in their current and future financial situation.
Subfields: Accounting, Applied Psychology, Social Psychology
View Paper: https://www.semanticscholar.org/paper/e2fb90bfefeee4bc611a089efa69de9e5c417f89
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Citations in the corpus
- Has financial attitude impacted the trading activity of retail investors during the COVID-19 pandemic? (2020, unknown): “Scholars have thus recognized that psychological factors play a key role in shaping individuals’ financial behavior and have emphasized the importance of examining these factors extensively (Strömbäck et al., 2017).”
- An integrated model of financial well-being: The role of financial behavior (2021, background): “, 2016), and feel more comfortable with future financial conditions (Strömbäck et al., 2017).”